German Fintech Startup and blockchain banking service, Bitwala announces the launch of a unique and first-ever platform that will hold and manage both euro deposits and bitcoin funds with the same bank account. With an estimated 30,000 customers already signed up for the service, the system is planned to kick off by November
Earlybird Venture Capital is the biggest initial investor for Bitwala and has invested a sum of €4 million plus. In 2015, Bitwala started off as a financial services company aimed at improving the value exchange between customers in a cost-effective and efficient system. With the launch of their regulated blockchain service, the company fulfills enables a smooth transition between the cryptocurrency and legacy financial systems.
The latest crypto-fiat service offered by Bitwala is specifically designed for users to access the services of a German bank account. The account is supported by Bitwala’s banking partner and includes SEPA debit and credit transactions with easy management of recurring payments.
Bitwala account holders will be able to use it for various settlement purposes in the like of receiving salary or paying the rent. The “bitcoin bank accounts,” will additionally offer instant access to liquidity in trading digital assets directly. The president of Bitwala GmbH, Jörg von Minckwitz, said:
“The cryptocurrency community is eagerly awaiting the launch of our new service. I’m very proud that with our new product we will close the gap between crypto and traditional banking and solve one of the biggest hurdles on the road to mainstream adoption.”
In late 2017, Bitwala faced a sudden suspension of its transaction services due to the license removal of their card issuing partner. However, prior to that, the company processed almost €100 million in volume for its 80,000 customers in a robust system that established Bitwala as an effective global money transfer platform using blockchain technology.
In terms of achieving mainstream recognition and adoption, the recent announcement and the subsequent launch will mark as a major milestone. The deposits in the current accounts in this system will be supervised by Germany’s banking supervisors BaFin and Bundesbank. Addititionly, under the German deposit protection scheme a protection of up to €100,000 will be provided.
Read more: GoDaddy Buys Out Blockchain Trademark Startup Cognate
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
